Uganda Bets on "Full Monetization" to Transform Economy

The Ugandan government has presented a major five-year economic plan. The goal is to shift more of the nation's activity into the formal, taxed cash economy. This plan, called the National Budget Framework Paper (NBFP), covers from mid-2025 to mid-2031. It targets five key areas for growth: commercial agriculture, industrialization, oil and gas, tourism, and technological innovation. Officials call the strategy "full monetization." This means moving work and trade away from informal barter and cash-only systems. The aim is to increase tax revenue and make economic growth easier to track. The framework will guide all government spending and policy for the period. Parliament must now review and approve the document.